Bankruptcy Information

General Bankruptcy Information
The OBPC Difference
Chapter 7 Bankruptcy
Chapter 11 Bankruptcy
Chapter 13 Bankruptcy
What can I Keep?
Non-Bankruptcy Alternatives
Frequently Asked Questions
Glossary
Credit Counseling
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Bankruptcy Information

The fundamental goal of the federal bankruptcy laws enacted by Congress is to give debtors a financial "fresh start" from burdensome debts. The Supreme Court made this point about the purpose of the bankruptcy law in a 1934 decision:

It gives to the honest but unfortunate debtor…a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt.

Local Loan Co. v. Hunt, 292 U.S. 234, 244 (1934).

This goal is accomplished through the bankruptcy discharge, which releases debtors from personal liability from specific debts and prohibits creditors from ever taking any action against the debtor to collect those debts.

There are several types of bankruptcy cases that are provided for under the Bankruptcy Code. The cases are traditionally given the names of the chapters that describe them.

 
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